We’re hoping to close on The Trifecta House at the end of this week…considering the contract was just finalized yesterday, I’m skeptical, but the seller seems to believe they can make it happen…
Here’s the preliminary budget that I’ve put together for this project…while it’s the exact same layout at The Lake House, some of the work is different:
We think we’ll have to replace a bunch of cabinets in this house, which will add some cost above the other two houses we’ve done in this neighborhood, but we’ll most likely go with a smaller cabinet size (30″ vs 42″), and there are very cabinets in the kitchen anyway, so I don’t expect it to add too much to rehab budget.
Ultimately, the goal is to keep this rehab under $16K…and we expect the work to take about a week…
I have a question for you about hiring an inspector before you purchase a home. Do you pay for that inspector, or do you get the seller to pay for it? I am just thinking if you’re looking at a house where the #s work, then pay for an inspection that reveals $5k-$8k more work then the #s don’t work anymore. This could start to get expensive if you have several houses like this where you are paying for inspections that make a house not fit the formula anymore.
Thanks!!
Hi Adam,
While you can certainly ask the seller to pay for an inspector, it’s probably unlikely that most sellers would agree to do this, as there is no guarantee that you’d purchase the property after the inspection — so they’d be risking their money instead of you. My suggestion is to find a contractor that you trust who can walk through a couple houses with you to help determine the issues and the most likely repairs. While they may not be as thorough as an inspector would for many things, they’ll probably catch the big-ticket items that you need to be most concerned about (roof issues, HVAC issues, plumbing issues, electrical issues, etc).